The average 30-year mortgage rate in the United States has risen to 6.7%, the highest level since 2007, according to Freddie Mac, a major mortgage company.
Mortgage interest rates were less than 3% at this time last year. The Federal Reserve has increased interest rates in an effort to slow the economy and lower overall demand, particularly demand for loans, which has led to an increase in the cost of borrowing money for homes.
When Will Mortgage Rate Go Down?
According to MorningStar, experts believe that the interest rate will begin to go down around 2023 as the Feds get better control of the inflation rate.